DBRS Morningstar Revises Trends to Negative on Irish Banks Due to COVID-19 Challenges

DBRS Morningstar has changed the Trend to Negative on the Long-Term Issuer Ratings of 3 Irish banks: Allied Irish Banks, p.l.c. (AIB), the Governor and Company of the Bank of Ireland (Bank of Ireland or BOI), and permanent tsb p.l.c (PTSB). The rating actions reflect an increasingly challenging operating environment in Ireland due to the economic shutdown and market disruption caused by the Coronavirus Disease pandemic (COVID-19), which is adding pressure to the banks' profitability, asset quality and capital.